Bank of Oklahoma live with SunGard's InTrader ASP
16 November 2005 | 2108 views | 0
SunGard announced today that Bank of Oklahoma has gone live on SunGard's InTrader ASP fixed income processing solution for trade execution, portfolio accounting, funding, safekeeping, and correspondent services support.
Bank of Oklahoma converted from SunGard's BOLT system, the predecessor to InTrader ASP, to help provide the bank with greater scalability and straight-through processing, as well as support for its growing broker/dealer affiliate, BOSC, Inc.
With a billion-dollar mortgage-backed TBA business and its broker/dealer subsidiary growing at a rate of about 20% per year, Bank of Oklahoma needed a scalable front- to back-office solution that would offer greater operational efficiencies in processing daily business, while helping to consolidate its bank and broker/dealer operations.
John Coffman, vice president at Bank of Oklahoma, said, "Our goal is to achieve a straight-through processing environment in the face of continued business growth, and InTrader is helping us to get there. With InTrader, we now have a real-time, online system that provides us with efficient connectivity to regulatory and clearing entities, and helps us to reduce many manual processes. We've also been able to consolidate operations by processing both our bank and broker/dealer business through the same system, including our bank dealer shop."
Bank of Oklahoma also implemented SunGard's STN Settlements interface management solution to provide real-time, interactive trade comparison with the Fixed Income Clearing Corporation's (FICC) Real-Time Trade Matching (RTTM) services, as well as connectivity with the Municipal Securities Rulemaking Board's (MSRB) Real Time Reporting System (RTRS). In addition, Bank of Oklahoma implemented InTrader's Portal Solutions to help the bank deliver secure, Web-based capital markets services to its correspondent financial institutions, as well as InTrader's FiTrac module to provide a real-time clearance and settlement interface to Bank of New York. InTrader also provides Bank of Oklahoma with middle-office support for facilitating integration with the bank's proprietary front-office system.
Herb Hesch, president of SunGard's InTrader business unit, said, "SunGard is pleased to help Bank of Oklahoma improve its operations and is honored to continue a long-term relationship that began in the mid-1980s. Bank of Oklahoma has chosen to utilize the full range of InTrader capabilities to help improve efficiencies for its operations."